All Forum Posts by: Karen Parker

I am current on my mortgage but have been out of work for a month. I have enough for 2 more months of not having a job. I am considering checking into a deed in lieu with BoA. Would I be better off going into a branch or just calling the 800 number?

I don't think it matters as far as the outcome is concerned. Chances are if you go into the branch, they'll most likely call someone in the loss mitigation department but they may get you through to the proper individual faster.

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Most banks, at least at this time, aren't pursuing deficiency judgments. I would think deed in lieu would be the more logical approach on property rather than going through the expense of a foreclosure. But then since when does a financial institution take the logical approach to anything?

In addition to the "I was tolds.." mentioned above, I've heard several variations on the deed in lieu. One saying that if you give it back before they file for foreclosure that they can't foreclose and another saying that they will report it on your credit report as being a foreclosure anyway.

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Veterans Fight to Keep 75-yr. old Mojave Desert Memorial cross
http://www.youtube.com/watch?v=NeuBB_mOFIA

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I've been doing short sales for several years and I too was told that a short sale has less impact on the home owner's credit than a foreclosure. I was also told that the former home owner would be a able to get another home loan in a couple of years after a short sale where as it could take 5 to 7 after a foreclosure. I, however, have never actually verified this information with any agency. Thanks for the input.

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Originally posted by Scott Hubbard:

Getting leads from REALTORS is very difficult and often not worth the time it takes to cultivate the relationships. Agents have a fiduciary responsibility to their clients and will not likely jepordize their license to work with investors in that capacity.

I work with several agents who will give me leads but will not allow me to use an option contract. You do not need an option contract to be able to list a property you have under a purchase agreement. You can, instead, use a power of attorney and memorandum of agreement to tie up the contract while you negotiate.

If your going to use agents for leads I would start with small or niche' brokers first and explain to them the benefits to the seller. Then explain to them how they can increase comissions by closing more deals.

Good luck!

Yes, I have noticed many have said they could not or would not use the option contract. You can also use their standard contract and add an addendum to accomplish the same thing.

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Rick,

I use Old School Title for my short sale negotiations because they will work all 50 states. It makes it simple for short sales since they are also the title company.

Desiree,

Are you sure they weren't refering to simultaneous closings? Besides Old School, there are a number of title companies here in Florida that will do back to back closings that I use for flips.

Scott,

Yes, its difficult to get people out of tunnel vision sometimes. And quite often, the problem is that partial information is given and never verified. There are too many people that listen to the first person to say, "You can't do that" and take it for gospel. Which, as we know, is why most people never accomplish all they'd like to.

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Originally posted by Tim Wieneke:

Originally posted by Karen Parker:

Don't read to much into a southern expression, Tim. I drive through the Ballast Point/Bayshore area pricing estates that run $5 to $10 mil. and still say, "Now there's a nice little shack".

Lol, my grandparents were from Bradenton. Now that you say that I'm starting to remember them saying it too...lol.

I think its an expression I got from my grandparents lol!

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Originally posted by Tim Wieneke:

Originally posted by Karen Parker:

A shack like that here, even needing a full rehab, would run you $30 to $40K.

Amuses me that everyone I meet feels the need to call a house a shack whenever it's purchased below a certain price point - no matter it's size, construction or condition. Maybe it's a psychological hold we have to convince us we're not overpaying for real estate. It's built better than the $215,000 house in Chicago I bought in my 20s.

Don't read to much into a southern expression, Tim. I drive through the Ballast Point/Bayshore area pricing estates that run $5 to $10 mil. and still say, "Now there's a nice little shack".

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Originally posted by Taz:

Originally posted by Karen Parker:

But they did start out as a democracy as I stated.

At the national level we were never a democracy, not ever.

Either people aren't reading the entirety of what I have written here or I am not making myself clear. I give up.

MikeOH, as usual I agree with your post. Especially the part about needing a good crisis to get people to give up there rights. It doesn't look like it takes much. The ball has already started rolling with this last election.

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I don't think being a Nobel prize winner in economics or any other subject excludes someone from being a flake. History is filled with people who proclaimed widely accepted doctrine that was later proven to be false.

As for the current state of our economy, there's enough finger pointing to go around. It's been a gradual process that accumulated through many terms and with the policies initiated by many in an attempt to appease the general population. Therefore, we are all to blame.

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All Forum Posts by: Karen Parker

Karen Parker has started 17 posts and replied 384 times.

Post: Deed in Lieu of Foreclosure

Post: Deed in Lieu of Foreclosure

Post: Happy Independece Day?

Post: Deed in Lieu of Foreclosure

Post: Working With Reators for Leads. It Takes All Kinds!

Post: Working With Reators for Leads. It Takes All Kinds!

Post: What is the best state to invest in?

Post: What is the best state to invest in?

Post: Communism

Post: Reagan did it